First Foundation Bank Provides $30M Refi for Hollywood Apartments
By Nick Trombola June 28, 2024 4:25 pm
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A Hollywood apartment complex has secured new financing about a year after changing hands.
First Foundation Bank provided a $30.3 million refinancing loan toward Urbanlux Fleur Premium apartments at 1530 North Poinsettia Place, in Hollywood, Calif. The 136-unit luxury property is managed by UrbanLux.
The three-year, fixed-rate loan was arranged by Matt Douglas, principal of Venture West Funding.
A pair of local investors, doing business as Phoenix Group, purchased the property last year from AEW Capital for $48.5 million, according to Douglas and property records. The apartment, built in 1989, currently has a 99 percent occupancy rate, per UrbanLux.
“Working closely with First Foundation, we met the borrower’s objectives by providing a competitive rate with the flexibility to refinance if rates decrease,” Douglas said in a statement. “The property was purchased just over a year ago, shortly before the implementation of the [Measure ULA] luxury tax. The borrower was fortunate to lock in the interest rate at the beginning of April when Treasury yields were more favorable.”
Representatives for First Foundation Bank and UrbanLux did not immediately respond to a request for comment.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
